Tiffany & Co. today announced its plans to accelerate its commitment to combating climate change with a pledge to generate net greenhouse gas (GHG) emissions in all of its own operations (Scope 1 and 2) and those of its supply chain (Scope 3) by 2040, in accordance with the Net- Zero for the Science Based Targets Initiative (SBTi).
To reach this goal, Tiffany & Co. It set a short-term goal of 2030 to reduce greenhouse gas emissions by aligning itself with SBTi’s NetZero standard. By 2030, Tiffany will have reduced 70% of its emissions on oceans 1 and 2; These are the emissions from Tiffany’s own operations, such as department stores, logistics centers, manufacturing and offices.
Aerial view of Tongass National Forest in southeast Alaska during flight from Prince of Wales Island to Ketchikan. © Erica Nortmann/via NC
The House of Representatives has pledged to reduce 40% emissions on ocean 3; Emissions from Tiffany’s supply chain account for the vast majority of the house’s carbon footprint. This short-term target will represent an important step towards the Net-Zero target, which will include 90% emissions reductions in Scopes 1, 2 and 3 by 2040. The remaining 10% of emissions will be neutralized by premium carbon removals, thanks to Tiffany’s investment & Co Inc. in Natural Solutions. All Tiffany & Co. targets are measured. using 2019 as a base year and submitted for review to SBTi in September 2022. Tiffany’s Net-Zero goal will include engaging and decarbonizing the entire supply chain. the value. Aldar will focus on significant and rapid reductions in emissions to achieve this ambitious goal, from the supply of raw materials and its commitment with its suppliers, to the manufacture and transportation of its products, the operation of its stores and offices, and the travel of its employees.
Initiatives that support Tiffany & Co.’s commitment to Net-Zero include:
• Orientation towards obtaining 100% precious metals (gold, silver and platinum) from known recycled sources. Sourcing recycled precious metals can reduce carbon emissions associated with the origin of the metals by up to 90%, enabling significant progress in the procurement category for Scope 3 products and services. This emission reduction is calculated on purchase volumes of gold, silver and platinum in 2021 and is assumed The 2022 volumes will be similar.
• invest in sustainable transportationin particular through a partnership with the sixth winner LVMH Innovation AwardAnd the Toshi. Founded in 2017, TOSHI provides 60-minute delivery at customer-selected intervals for online shopping for luxury goods, and makes all deliveries with a net zero carbon footprint. Tiffany & Co. TOSHI will serve New York and London in 2022, with plans to expand to other cities in 2023.
• Establishment and renovation of more sustainable buildings for all stores, workshops, offices and logistics centers. All major new construction, expansions, renovations and redecorations are designed to achieve a minimum of LEED Silver certification.
• Use in 100% sustainable electricity by 2030 and investing in energy efficiency initiatives in operations. In 2021, 89% of Tiffany’s global electricity use will come from clean, renewable sources, including the use of solar panels at Tiffany & Co. locations and the purchase of renewable electricity credits. Tiffany & Co. will continue. Investing in energy efficiency improvements such as LED lighting, HVAC (heating, ventilation, air conditioning, and plumbing) systems, as well as building management systems improvements.
• Increasing investment in natural solutions, building on Maison’s long tradition of protecting natural ecosystems. Tiffany & Co. will continue. Prioritize projects that protect and restore natural ecosystems, reduce carbon emissions and promote the development of local communities.
By committing to getting to Net-Zero by 2040, 10 years early Paris Accords Appeal in climate, Tiffany & Co.. He responds to urgent calls from the climate science community to keep warming to less than 1.5°C to avoid the worst effects of climate change. Tiffany & Co. That future Net-Zero broadcasts are not only possible, but also an urgent priority. Alongside these ongoing efforts, the Maison will continue to advocate for responsible climate action through its supply chain and more broadly with the jewelry industry.